Schering-Plough climbs on U.S. antitrust approval

NEW YORK (MarketWatch) -- Pharmaceutical shares rose in early Friday trading, led by Schering-Plough Corp., which received antitrust clearance from the U.S. Federal Trade Commission for its acquisition of Organon BioSciences from Akzo Nobel.

Schering-Plough, based in Kenilworth, N.J., said it received approval from the European Commission on Oct. 11 and expects the transaction to be completed by the end of 2007. In connection with the clearance, Schering-Plough and Intervet also will divest three poultry vaccines in the U.S., which are not material to the company's financial results.

Pfizer Inc., the world's largest drug maker, said it will acquire biopharmaceutical company Coley Pharmaceutical Group Inc.
COLY
for about $164 million, in a move to beef up its vaccine research and improve its development of drugs for Alzheimer's and infectious diseases. Pfizer
PFE, +2.64%
is offering $8 a share for Coley, representing a premium of more than double Coley's $3-a-share closing price Thursday. Pfizer's shares rose fractionally to $23.37, while Coley shares surged 158%, or $4.75, to $7.75.

Shares of Johnson & Johnson rose a day after the Dow component said it is splitting up its medical-devices and diagnostics business, changing them into two units. J&J
JNJ, +0.99%
also created a new office of strategy and growth, which will identify new business opportunities.

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